Financial inclusion has been regarded as one of the most critical drivers of economic growth.
This is because access to financial services have, so far, been proven as a means of empowering people in various ways.
Over the past few years, financial technologies have gained prominence in the African continent, especially Nigeria, as an effective tool to bridge the financial inclusion gap.
This, in the long run, has created an increase in consumer adoption of fintech solutions and attracted numerous investments.
Howe, despite the strides, more needs to be done in the area of beefing up financial literacy campaigns such that individuals not only have access to these financial products and services, but are able to convert them to improve their financial status.
On this week’s episode of Tech Trends, we had Ezinne Obikile, who is the Executive Director at SystemSpecs, divulge how financial inclusion can be deepened.
CFA: Ezinne, glad to have you on the show today.
Ezinne: Thanks, Fred, for having me.
CFA: Let’s start with an understanding of how Nigeria has fared in trying to reach the unranked.
Ezinne: Over the years, the Central Bank has implemented various policies and regulations to improve financial inclusion.
And I remember – I think it was in the 2016 review of the national financial inclusion strategy – that the target of 80% inclusion by 2020 was reached.
However, this was again revised to 95% inclusion by 2024.
Although official statistics are not out yet on what the numbers are as at 2020, but going by what the NIMC has published, which is about 46 million bvns enrolled as at February 2021 this year, one can safely assume that almost 54million Nigerians still do not have bank accounts.
So, the official survey that Elfina did as at 2018, put financial inclusion rate at 63% which was indeed an improvement from the 58% it was at by 2016.
But even at that, if you consider what other countries are doing, that looks very pale.
Kenya has about 85%… (watch full video here)
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